BlackRock's Bitcoin ETF, IBIT, is gaining market share against the GBTC fund, provided by Grayscale Investments. This and more news in this practical daily summary so that you are always informed with the most recent events that occur within the crypto world.
Grayscale and BlackRock dominate the Bitcoin ETF market
📍90% of the trading volume in the Bitcoin ETF market has been traded through three investment funds. According to data from The Block Research, 90% of the trading volume of Bitcoin ETFs is occurring in just three of the eleven Bitcoin ETFs that have been approved by the SEC to be listed on US exchanges.
Data shows that ETFs offered by Grayscale Investments, BlackRock and Fidelity Investments are processing almost all of the volume managed in cryptocurrency funds, positioning themselves as the leaders of this nascent market.
Since January 12, the market share of the ETF provided by BlackRock in the Bitcoin ETF market has increased by 3 percentage points, while Grayscale's instrument, the conversion of the Grayscale Bitcoin Trust (GBTC) into a public exchange-traded fund, has lost 8 percentage points in terms of market share.
On the other hand, on its third day of trading, the trading volume in Bitcoin spot ETFs has decreased by 68%, compared to the volume seen on the first day of trading of these funds.
PYUSD, from Paypal, will integrate into Aave
📍Aave's decentralized governance is voting to integrate the PYUSD stablecoin into its ecosystem. In the ongoing vote, over 99% of AAVE token holders are in favor of including the stablecoin developed by Paypal in the protocol.
According to governance proposal As presented, the addition of PYUSD will help create synergies between Aave’s decentralized ecosystem and the stablecoin developed by Paypal, which is one of the largest financial services companies in the world. The addition of PYUSD to Aave will also strengthen the relationship between this stablecoin and GHO, Aave’s over-collateralized decentralized stablecoin.
PYUSD was launched in August of last year and despite its short time on the market, it has grown significantly, surpassing a circulating supply of over $230 million USD.
Metis launches community testing for its first decentralized sequencer
📍Metis developers are inviting the community to experiment with the crypto industry's first decentralized sequencer, ahead of its official launch on mainnet, which is scheduled for later this year. Through a statement, the developers of the Ethereum scaling solution reported that interested users will be able to test the new sequencer, interacting with Metis decentralized applications (DApps), deployed on the Sepolia test network.
Blockchain developers will be able to stress test the sequencer pool in order to make any necessary changes before the official launch on the Metis mainnet.
Community testing for this first decentralized sequencer began on January 15. The developers they explained the importance of this innovation, which is essential to ensure decentralization within the L2 chain ecosystem.
Chainlink joins Circle to increase USDC interoperability
📍USDC has been enabled on the CCIP cross-chain interoperability protocol, thanks to the announced partnership between Chainlink and Circle. The blockchain oracle network he highlighted that its cross-chain interoperability protocol, CCIP, has been integrated with Circle’s cross-chain transfer protocol, CCTP, which will facilitate the transfer of the USDC stablecoin between different blockchains in a secure manner.
Sergey Nazarov, co-founder of Chainlink, highlighted that thanks to this integration, Circle's centralized stablecoin will be able to be transferred across different blockchains, including Ethereum, Avalanche, and the second-layer networks Arbitrum, Optimism, and Base.
According to Nazarov, other blockchains will be integrated into the protocol in the future, which will further expand the possibilities of transferring USDC tokens between existing networks in the blockchain ecosystem.
Continue reading: Circle CEO sees it possible for the United States to pass the stablecoin law in 2024
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